Whether, where in respect of an assessment year, there is income under a head, the loss, if any, under any other head for that assessment year should first be set-off against it before the carried forward losses under the former head can be set-off against such income
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Inter-head set-off priority requires current-year losses to be adjusted before applying carried-forward losses. Inter-head set-off under section 71 takes priority: where an assessment year shows income under one head and a loss under another, the contemporaneous loss must be set off against that income before carried forward losses under the income-bearing head are applied. This sequence is subject to Chapter VI exceptions that prohibit inter-head adjustments for certain losses, and departmental return formats have been aligned to reflect this method of computation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Inter-head set-off priority requires current-year losses to be adjusted before applying carried-forward losses.
Inter-head set-off under section 71 takes priority: where an assessment year shows income under one head and a loss under another, the contemporaneous loss must be set off against that income before carried forward losses under the income-bearing head are applied. This sequence is subject to Chapter VI exceptions that prohibit inter-head adjustments for certain losses, and departmental return formats have been aligned to reflect this method of computation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
